Starbucks on Tuesday reported record revenue in the April-June period, benefiting from higher prices and hundreds of store openings in the past year.
The Seattle-based coffee giant exceeded sales expectations despite continuing store closures and reduced hours in China due to coronavirus measures. Starbucks said its same-store sales within China — its second-largest market after the U. S. — were down 44% in its fiscal third quarter.
Starbucks’ revenue rose 9% in order to $8. 2 billion, the quarterly report. That surpassed Wall Street’s forecast of $8. 1 billion, according to analysts polled by FactSet.
Global same-store sales, or sales at stores open at least a year, increased 3%, just shy associated with Wall Street’s expectations. Store traffic was down, but customers spent more when they visited.
New shops, including many more focused on drive-thru plus curbside service, are helping sales. The company stated it has opened 298 net new stores in its North America region since June 2021 and one, 355 brand new stores within international markets.
Starbucks mentioned its net income fell 21% to $912. 9 million as it spent more on labor, worker training and supply chain costs. Last fall, the company announced a $1 billion investment in employee wages and benefits in an effort to lift U. S. workers’ pay to at least $15 per hour by this summer.
Adjusted for one-time items, Starbucks earned 84 cents per share. That has been higher than the particular 77-cent profit Wall Street forecast. Starbucks shares went up nearly 2% in after-hours trading.